WazirX, a Singapore-based crypto exchange serving Indian users, has announced its decision to relocate to Panama following the rejection of its restructuring plan by local courts.
WazirX's Relocation
In a recent email to users, WazirX informed about its intentions to move. One of the documents presented confirmed that WazirX's parent company, Zettai, is relocating to Panama to change its business structure.
Formation of Zensui Subsidiary
Zettai has already taken steps to establish a subsidiary, Zensui Corporation, in the Republic of Panama, and has finalized preparations to transfer operations of the platform's cryptocurrency-related services to this company. The transfer is expected to happen within two to three business days after the agreement is finalized.
Recovery Tokens for Creditors
WazirX plans to issue recovery tokens designed for the platform's creditors under its post-hack compensation scheme. These tokens will represent outstanding debts of customers as of the hack date and will track users' outstanding balances.
WazirX's decision to move to Panama highlights the regulatory pressures facing crypto exchanges in Singapore. Alongside the creation of the Zensui subsidiary and the issuance of recovery tokens, the company aims to ensure its operational viability and protect its users.
